Constituent dispersion · breadth vs the index
SMH — VanEck Semiconductor
Generation Rotation — breadth by layer
The chip chain split into four layers. Which layer leads shows where leadership sits — the front-end Architects, the Equipment + EDA toolmakers, Memory + Substrates, or the Power + Cooling + Optical enablers. Sorted by 21-day median; the leading layer is highlighted. "21d contrib" is the layer's weight-times-return contribution to SMH's 21-day move.
| Layer | Names | Weight | Median 1d | 5d | 21d | Up / Dn | 21d contrib |
|---|---|---|---|---|---|---|---|
| Memory + Packaging + Substratesmemory + substrates | 2 | 15.18% | +6.74% | +15.28% | +25.25% | 2 / 0 | +3.84pp |
| Equipment + EDAtools + design software | 8 | 25.28% | +2.87% | +17.21% | +21.32% | 8 / 0 | +5.14pp |
| Power + Cooling + Opticalpower, analog, interconnect | 10 | 18.6% | +4.41% | +5.92% | +6.87% | 10 / 0 | +4.08pp |
| Architectscompute + foundry | 5 | 40.9% | +4.12% | +1.83% | +5.67% | 5 / 0 | +0.50pp |
Dispersion by window
| Window | ETF | Median | Median − ETF | Up / Down | Beat / Lag | ±1% band | Dispersion |
|---|---|---|---|---|---|---|---|
| 1d | +4.38% | +4.06% | -0.32pp | 25 / 0 | 10 / 15 | 7 of 25 | ±2.79% |
| 5d | +8.18% | +6.93% | -1.25pp | 23 / 2 | 11 / 14 | 2 of 25 | ±7.17% |
| 21d | +11.89% | +11.08% | -0.81pp | 21 / 3 | 11 / 13 | 1 of 24 | ±24.82% |
| YTD | +79.69% | +82.23% | +2.54pp | 23 / 1 | 13 / 11 | 0 of 24 | ±88.77% |
Median − ETF below zero means the typical name is lagging the cap-weighted index — the move is top-heavy. "Beat" counts constituents outperforming the ETF over the window. Dispersion is the cross-sectional standard deviation of constituent returns — high = a stock-picker's tape, low = pure beta.
What drove the move — contribution = weight × return
Today (1d)
- MU+10.84%+0.82pp
- AMD+6.98%+0.51pp
- NVDA+3.54%+0.51pp
- MRVL+10.43%+0.43pp
- TSM+4.12%+0.38pp
This month (21d)
- MU+40.20%+3.06pp
- MRVL+69.18%+2.85pp
- AMD+21.69%+1.58pp
- AMAT+33.13%+1.56pp
- LRCX+30.01%+1.47pp
- NVDA-9.88%-1.41pp
- AVGO-10.43%-0.62pp
- SNPS-10.91%-0.19pp
Each name's contribution = its index weight × its return — the percentage points it added to (green) or subtracted from (red) the ETF's move. Computed across covered names.
Leaders & laggards (21-day)
- ARM+80.55%
- ALAB+70.22%
- MRVL+69.18%
- MU+40.20%
- AMAT+33.13%
- SNPS-10.91%
- AVGO-10.43%
- NVDA-9.88%
- ADI+0.19%
- TXN+1.68%
Other ETFs & indices
Dispersion is computed across the constituents we cover in our data lake (see coverage badge). Decision-support, not investment advice.